Finance Cost Assurance…For Finance Managers and Chief Accountants

IRAC queries the bank account(s), line-by-line, entry-by-entry & transaction-by-transaction. IRAC thereafter recalculates interest charged to the Loan and/or Overdraft Accounts.

IRAC therefore certifies that the finance costs reported by the accountant are free of overcharges, are accurate and legal vis-à-vis the Banking Facility Contract/Letter(s), and with The Banking Act and The Central Bank of Kenya Act.

On the other hand, all audit firms, including yours, merely report Finance Costs as stated by your bank without any query. Clients pay these partnerships millions of shillings to just state what the banks have charged. This is a major omission that can disguise millions of shillings in overcharged interest.

Complete the annual audit cycle by auditing overdraft and loan interest charged by your lender. You know your bank makes errors. Everyone does.

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If you need to subscribe to IRAC’s Finance Cost Assurance Service or if you need us to discuss this with us further, let us have your contact details and we will get in touch TODAY.